Ulta Beauty, Inc. (ULTA) intrinsic value & 10-year financials
Ulta Beauty, Inc. (ULTA) has a Graham intrinsic value of $851.65 per share. At $592.94 on Oct 17, 2026, the stock trades 30% below that value. Over the last 10 fiscal years revenue grew 11.0% a year to $12.4B, with an average return on invested capital of 31.6%.
- Graham intrinsic value
- $851.65
- Share price (Oct 17, 2026)
- $592.94
- Price vs Graham value
- 30% below
- Market cap
- $26.7B
- Revenue (FY2026)
- $12.4B
- Revenue growth (10-yr CAGR)
- 11.0%
- ROIC (10-yr avg)
- 31.6%
- Free cash flow (FY2026)
- $1.1B
ULTA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $12.4B | $1.2B | $25.64 | $1.1B | 12.4% | 30.2% |
| FY2025 | $11.3B | $1.2B | $25.34 | $964.1M | 13.9% | 36.3% |
| FY2024 | $11.2B | $1.3B | $26.03 | $1.0B | 15.0% | 42.7% |
| FY2023 | $10.2B | $1.2B | $24.01 | $1.2B | 16.1% | 44.9% |
| FY2022 | $8.6B | $985.8M | $17.98 | $887.1M | 15.0% | 37.4% |
| FY2021 | $6.2B | $175.8M | $3.11 | $658.5M | 3.8% | 6.2% |
| FY2020 | $7.4B | $705.9M | $12.15 | $802.8M | 12.2% | 21.9% |
| FY2019 | $6.7B | $658.6M | $10.94 | $636.7M | 12.7% | 36.4% |
| FY2018 | $5.9B | $555.2M | $8.96 | $338.7M | 13.3% | 33.3% |
| FY2017 | $4.9B | $409.8M | $6.52 | $260.6M | 13.5% | 26.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ulta Beauty is a consistent compounder, expanding top-line revenue at 11.0% annually over the past decade.
Ulta Beauty has earned high returns on invested capital, averaging 31.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Ulta Beauty shows that management has aggressively returned capital to shareholders by retiring 28.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ulta Beauty is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $851.65 per share.